Baby boomers, it’s time to take a good, hard look at your retirement savings. The frightening reality is that 40% of people over the age of 55 have less than $50,000 while one third have even less than $10,000. Does that sound like a comfortable nest egg?
Are you part of these statistics?
Very few seniors nowadays have jobs that offer pensions. There are very few industries that still offer them such as the military, nursing, teaching, and a handful of others.
So, the remaining options are saving accounts, 401(k)s if they are offered by your employer, support from family members, or surviving off Social Security alone. With a small nest egg, seniors are therefore forced to change their lifestyles altogether or to work during retirement.
So, if you’re nearing retirement age, it’s time to find out what you can do to boost your savings!